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Policy VIII-1.21 

Procedures for the Accountability and Safekeeping of Lost or Abandoned Currency or Personal Property

Policy Category Policy No. & Title Policy Owner Version No. Effective Date Review Cycle Last Reviewed
VIII Fiscal and Business Affairs *VIII-1.21 Safekeeping of Lost or Abandoned Currency or Personal Property VP & CFO/AVP, Facilities v.2 March 15, 2022 Every 5 years July 1, 2003
  1. Purpose

    Pursuant to the University System of Maryland Policy VIII 1.21 Policy on Lost or Abandoned Currency or Tangible Personal Property on University System Premises approved by the Board of Regents on July 26, 1990, the University of Maryland Global Campus (“UMGC”) has developed the following procedures for the accountability and safekeeping of lost or abandoned currency and tangible personal property found on the University's property.

  2. Responsible Employee

    The Associate Vice President, Facilities has been designated as the employee responsible for the accountability and safekeeping of the lost or abandoned currency or personal property.

  3. Policy Statements
    1. When lost or abandoned currency or personal property is found on property owned, leased, operated by, or under the control of the UMGC ("UMGC Property"), the following procedures apply:
      1. Items found on UMGC Property are turned into the Security Office who will log all items into the Lost and Found Log and safely secure the items.
      2. Reported losses, which are not found, are noted in the "lost" section of the Lost and Found Log.
      3. If the lost item contains the name and contact information of the owner, a representative from the Security Office will make a reasonable effort to contact the owner.
    2. Specific Property
      1. Keys: Any University keys found on UMGC Property will not be placed into the Lost and Found. The Security Office shall remand the keys to the Security Supervisor.
      2. Weapons: Weapons found on UMGC Property shall not be touched. The finder shall immediately contact the Security Office who will secure the area and contact the appropriate law enforcement agency.
      3. Alcoholic Beverages: Alcoholic beverages left in guests' rooms shall immediately be brought to the Security Office who will appropriately dispose of the items.
    3. Unclaimed Currency or Personal Property
      1. Currency and property identified as abandoned or lost shall be held for one year during which an owner may file a claim to recover.
      2. The individual finding the abandoned or lost currency or property has a priority claim which must be exercised within thirty days after the one year holding period expires; the institution or component shall notify the individual that the holding period has expired, and that the individual's claim must be exercised within thirty days.
      3. Unclaimed tangible personal property may be disposed of after one year and thirty days. Lost currency and proceeds derived from the disposal of the property, after deducting any costs incurred, shall be deposited in the General Fund of the State to the University's account.
  4. Related Policies and Procedures
    1. USM Policy VIII 1.21 Policy on Lost or Abandoned Currency or Tangible Personal Property on University System Premises

*formerly UMGC Policy 633.00